The International Monetary Fund and the World Bank have launched a private blockchain and a semblance of their own closed cryptocurrency to study the specifics of its use.
The joint project was named Learning Coin. The asset will be circulated only within the framework of the IMF and the World Bank. However, since the coin has no real value, it cannot be considered a real cryptocurrency.
Learning Coin launched to help organizations better understand the underlying principles and mechanisms of functioning of virtual assets. The developed blockchain application will be used to store research, records, videos and presentations.
During trials workers IMF and World Bank will receive coins for reaching certain stages of education. The structures will allow them to repurchase assets received for some of the awards, which will help to better understand how the cryptocurrency can be used in the real world..
What Does The World Bank Actually Do?
According to the IMF, central banks, financial institutions and regulators around the world need to catch up with booming crypto technologies to raise the level of knowledge among lawmakers, economists and policymakers..
After completing the tests, organizations will also be able to use the blockchain for creating smart contracts and combating money laundering.
Namoinm that the European Union has recently created an international blockchain association.
text: Ivan Malichenko, photo: media.nu, postnews